previously covered the 2008 presidential election where he traveled with the obama campaign. nick, i will turn the podium over to you now. >> thank you. let's have everybody take the seat. thank you all, and thank you for coming. i look forward to our discussion this afternoon. instead of doing opening statements from each speaker, i will ask a generic question that can maybe help frame the discussion, and then it will go from there. sarah, i will start with you. we will go in reverse alphabetical order. the question i posed to you is maybe if you could identify the most important lesson that we should draw from the experience of the past five years with respect to the fha, and then part of that i might ask is whether lawmakers and taxpayers should be prepared to accept some level of loss, given the housing recession that we have been through. sarah, i will start with you. >> thanks, and i have to say how much fun is to be back debt cap -- to be back at cap. the big lesson regarding fha is a core concept of the federal housing policy worked. it did not work as well as we like